EU price caps on Russian oil will not effect its supply volume: Russian Dy PM
St Petersburg, Jun 19 (UNI) Russian Deputy Prime Minister Alexander Novak on Thursday said that Europe's price caps on Russian oil will have no effect on its volumes of supply, adding that even the zero level of price ceiling will not affect them.
Speaking to Business FM on the sidelines of SPIEF (St Petersburg International Economic Forum) 2025, Novak said "I assume that the introduction of the USD 60 ceiling had no influence. This means that even if zero (price ceiling) is introduced it will have no influence," reports Russian state media TASS.
Currently, the G7 and EU countries (the price cap coalition) have banned imports of Russian crude oil and oil products, but allowed shipowners from their countries to transport them and provide brokerage and other services if the commodity is sold at a price that is no higher than the cap set by the coalition.
The objective of the embargo and price cap is to limit Russian budget revenues from the sale of energy resources while maintaining a sufficient supply of crude and oil products on the world market.
European Commission President Ursula von der Leyen confirmed on June 10 that the EC's proposal calls for the reduction of the price cap for Russian oil to USD 45 per barrel as part of the 18th package of sanctions against the country.
However, Novak noted that it is not profitable for the European Union itself to lower the price ceiling to USD 45 per barrel.
'Now we supply more to our friendly jurisdictions than previously, though it is not related to the price ceiling, but to sanctions imposed on Russia by the EU, by the US, other unfriendly countries. I even think that it is not profitable for the European Union to lower prices, say, to $45," he explained.
Novak added that none of the price ceilings implemented in the last few years have had any effect on Russian oil export.
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